SHERRITT INTERNATIONAL $0.75(Toronto symbol S; TSINetwork Rating: Speculative) (1-800-704-6698; www.sherritt.com; Shares o/s: 293.9 million; Market cap: $217.5 million; No dividends paid) has asked for a three-year extension on $720 million of its debt. The junior miner’s plan focuses on three series of bonds due in 2018, 2020 and 2022.
In exchange for an extension, Sherritt will give its debt holders a cash payment equal to 2% of the principal amount of their bonds. Alternatively, they can accept an offer to buy common shares of Sherritt at just $0.74 each over the next five years.
These moves will have little impact on the company’s $2.1 billion debt. That’s equal to 9.7 times Sherritt’s depressed market cap. However, an extension allows it to hold onto more of its cash as it waits for nickel and oil—the two commodities it produces—to rebound.
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